News

Toshiba Puts $14 Billion Bet On Chips, Nuclear Power

May 11, 2010 4:26 am | by Tomoka A. Hosaka, Associated Press Writer | Comments

TOKYO (AP) — Toshiba Corp. unveiled an ambitious three-year agenda Tuesday, aiming to quadruple profits and spend $14 billion to amplify its strengths in semiconductors and nuclear power. The Japanese conglomerate's business right now is vast, spanning household appliances and computers to health care equipment and industrial machines.

Textron To Build 423 Armored Cars For U.S. Army

May 11, 2010 4:23 am | Comments

NEW ORLEANS (AP) — Textron Marine & Land Systems has agreed to build another 423 armored security vehicles for the U.S. Army. The Textron Inc. unit says the value of the contract is $461 million. The vehicles will be built at Textron's plant in New Orleans. The contract includes an option to buy up to 272 more vehicles at a price of up to $239 million.

Ex-Auto Czar: U.S. Could Get Back $40 Billion Of GM Bailout

May 11, 2010 4:22 am | by Tim Martin and Tom Krisher, Associated Press Writers | Comments

DETROIT (AP) — The U.S. government could get back $40 billion of its $50 billion investment in General Motors Co., and the difference will have been well spent because it prevented mass job losses and at least a regional depression in the Midwest, the former head of the autos task force said Monday.

Toyota Nets $1.2 Billion Profit In First Quarter

May 11, 2010 4:19 am | by Yuri Kageyama, AP Business Writer | Comments

TOKYO (AP) — Toyota cruised back to profit in the latest quarter as the world's top carmaker cut costs and hitched a ride on the global auto sales recovery while fighting to salvage its reputation for quality. But the automaker's top executive and analysts alike said Toyota is still far from a full recovery while another potential blow to its image looms after U.

Oil Rig Cutoff Valves Unreliable Under Weak Regulation

May 10, 2010 5:01 am | by Jeff Donn and Seth Borenstein, Associated Press Writers | Comments

HOUSTON (AP) — Cutoff valves like the one that failed to stop the Gulf of Mexico oil disaster have repeatedly broken down at other wells in the years since federal regulators weakened testing requirements, according to an Associated Press investigation. These steel monsters known as blowout preventers or BOPs — sometimes as big as a double-decker bus and weighing up to 640,000 pounds — guard the mouth of wells.

Wisconsin Tops Nationwide Cheese Production

May 10, 2010 4:52 am | Comments

MADISON, Wis. (AP) — Federal statistics show that Wisconsin is still the nation's big cheese. Wisconsin produced 2.65 billion pounds of cheese last year. That accounted for a nation-best 26 percent of the U.S. cheese output in 2009. Wisconsin also produced 477 million pounds of specialty cheese last year.

Is Apple Smarter Than I Am?

May 10, 2010 4:48 am | by Anna Wells, Executive Editor, IMPO | Comments

It came to my attention last week that Apple had reached the distinguished honor of selling its one millionth iPad in just 28 days of the product’s market emergence. Not just an amazing figure for anyone, this feat is even outstanding for Apple—the teacher’s pet of technology.

Iowa Meatpacker Paid Disabled Workers 41 Cents Per Hour

May 10, 2010 4:40 am | Comments

IOWA CITY, Iowa (AP) — A federal report castigated a Texas company for abusing and underpaying several mentally disabled men who were housed in a ramshackle building while working at an Iowa turkey processing plant. The report from the Equal Employment Opportunity Commission said Henry's Turkey Service underpaid the men at least $1 million over three years, verbally and physically abused them, and committed several major violations of the Americans with Disabilities Act, The Des Moines Register reported Friday.

Chinese Auto Sales Dip From March, Still Show Big Growth

May 10, 2010 4:34 am | by Elaine Kurtenbach, AP Business Writer | Comments

SHANGHAI (AP) — The surge in China's auto sales has begun to falter with growth in passenger car sales for April easing to just over half the previous month's increase. There were 1.11 million passenger cars sold in April, up 34 percent from a year earlier, the state-affiliated China Association of Automobile Manufacturers said Monday.

Automakers Unleash Electric Experiments On Oregon

May 10, 2010 4:26 am | by Richard Read | Comments

PORTLAND, Ore. (AP) — Automakers are racing to unleash electric vehicles in Oregon, one of the nation's first significant test markets for plug-in cars. The Nissan Leaf, a four-door hatchback with 100-mile range, leads the pack of zero-emission sedans, with a suggested retail price of $23,780 after tax credits.

LaHood: More Fines Possible For Toyota

May 10, 2010 4:25 am | by Jay Alabaster, Associated Press Writer | Comments

TOYOTA, Japan (AP) — U.S. Transportation Secretary Ray LaHood said Monday that Washington wants to see results from Toyota's efforts to improve safety, and more fines would be imposed if needed. "If a fine is required, I think everyone recognizes now that safety is our number one priority, and we will do all that we can to uphold the laws in our country," he said.

Toyota Expected To Find Profits Despite Recalls

May 7, 2010 5:22 am | by Yuri Kageyama, AP Business Writer | Comments

TOKYO (AP) — Toyota Motor Corp., the world's top automaker, reports earnings for the fiscal fourth quarter on Tuesday. WHAT TO WATCH FOR: Toyota is fighting a serious quality crisis, having recalled more than 8 million vehicles worldwide since October for gas pedal defects, a faulty floor mat and a braking software glitch.

Private Employers Add 231,000 Jobs In April

May 7, 2010 4:46 am | by Jeannine Aversa, AP Economics Writer | Comments

WASHINGTON (AP) — More confident employers stepped up job creation in April, expanding payrolls by 290,000, the most in four years. The jobless rate rose to 9.9 percent as people streamed back into the market looking for work. The hiring of 66,000 temporary government workers to conduct the census helped overall payroll growth last month.

Lettuce Recalled For E.coli, Three In Critical Condition

May 7, 2010 4:33 am | by Mary Clare Jalonick, Associated Press Writer | Comments

WASHINGTON (AP) — A food company is recalling lettuce sold in 23 states and the District of Columbia because of an E. coli outbreak that has sickened at least 19 people, three of them with life-threatening symptoms. The Food and Drug Administration said Thursday that 12 people had been hospitalized and the federal Centers for Disease Control and Prevention said it was looking at 10 other cases probably linked to the outbreak.

Consumer Reports Lifts 'Don't Buy' Lexus Rating

May 7, 2010 4:31 am | by Tom Krisher, AP Auto Writer | Comments

DETROIT (AP) — Consumer Reports magazine is lifting a "Don't Buy" recommendation for a Lexus sport utility vehicle that failed an emergency handling test. The magazine said Friday that the 2010 Lexus GX 460 luxury SUV passed the test after a dealership updated software that runs its electronic stability control system.